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Crossbeam Capital pays $21.5 million for Aviator

The 147-unit community sold for $145,258 per unit.

Crossbeam Capital doubled its Colorado Springs multifamily holdings with its purchase of the Aviator apartment community.

The firm purchased the 147-unit community at 1670 N. Murray Blvd. from Vukota Capital Management. It paid $21.5 million, or $146,258 per unit, for the community built in 1971.

The workforce housing community had been updated within the last five years and was located in the central part of the city, which helped drive interest in the asset, noted Kevin McKenna of Newmark Knight Frank Multifamily.

McKenna and Saul Levy of Newmark Knight Frank Multifamily handled the transaction.

Aviator features a mix of one-, two- and three-bedroom floorplans. Each apartment includes a new appliance package, refrigerator, dishwasher, granite countertops, new cabinetry, central air conditioning, Bluetooth-enabled thermostats, smart door locks, USB outlets, plank flooring and a balcony or patio.

Community amenities include a swimming pool, playground, 24-hour fitness center, business center, clothes care center and 24-hour on-site maintenance.

At the time of sale, Aviator was in the low 90% occupancy range.

Crossbeam Capital also owns Pikes Peak, a 105-unit apartment property built in 1971 at 3717 E. San Miguel St. in Colorado Springs.

Featured in CREJ’s April 1-14, 2020, issue